Motilal Oswal's research report on Dr Agarwals Health Care
Dr. Agarwal Health Care’s (DAHL) 2QFY26 revenue was in line with our expectation, whereas EBITDA/PAT came in 5%/11% above our estimates. Robust growth in surgeries and opitcals/pharmacy products was supported by better realization. DAHL witnessed strong 24% YoY growth in terms of patients served at clinics and surgery centers. To support this growth, DAHL added 44 doctors YoY, taking the cumulative number to 881 doctors.
Outlook
We value DAHL on an SOTP basis (25x EV/EBITDA for the surgery business, 15x EV/EBITDA for the opticals business, 13x EV/EBITDA for the pharmacy business, adj for a stake in Dr. Agarwal eye hospital/Thind hospital) and arrive at a TP of INR600. Maintain BUY.
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